When COVID-19 is in the rear view mirror... where do we leave the bill?
So... this thing has cost the US a fortune, not only in precious lives but in precious CASH.
I think it'd be WRONG to just leave the red ink on the balance sheet and go on.
Today, the UK announced new taxes to compensate for Gov't expenditures due to C19.
We REALLY need to do the same.
Several Options:
1) A special VAT tax for 10 years... maybe an extra 0.1% on all retail purchases?
2) Raising the mid to upper income tax levels. For example
Current 24% tax bracket (folks making 85-163k) increase to 27%
Current 32% tax bracket (folks making 163-207k) increase to 36%
Current 35% tax bracket (folks making 207-518k) increase to 40%
Current 37% tax bracket (folks making 518k+) increase to 45%
3) A limited time increase in Capital Gains taxation?
4) One-Time Wealth Tax?
5) Annual Wealth Tax?
Let's bottom line it... the BILLS need to be paid. NO leaving the red ink on the books. Every other civilized nation on Earth will be raising taxes in the wake of C19.
Will our leaders follow?
It's only logical.
